Today, more than a dozen states in the U.S. are considering implementing a once unimaginable fiscal policy - establishing a strategic Bitcoin reserve. The core idea is for state governments to purchase a certain amount of Bitcoin to achieve asset diversification and combat inflation.
Since November of last year, some state politicians have begun to seriously discuss this issue. Trump's support for a national Bitcoin reserve, along with the rise in cryptocurrency prices over the past few months, has further propelled this idea. Last week, Trump signed an executive order to explore the feasibility of establishing a national Bitcoin reserve, making this concept more realistic. Montana and South Dakota are the latest states to join the discussion, with South Dakota Republican State Representative Logan Manhart planning to propose a bill to establish a Bitcoin reserve.
Bitcoin reserves are cryptocurrency reserves owned and operated by the government, similar to gold or oil reserves. Pennsylvania was the first state to propose a Bitcoin reserve bill, followed by other states imitating this move. Currently, 15 states have proposed or passed relevant bills.
Supporters believe that Bitcoin can serve as a way for state governments to diversify their financial portfolios and combat inflation, becoming an additional source of income. However, Bitcoin's price is highly volatile, with significant fluctuations possible in a short time, having experienced multiple crashes, and the investment risk is extremely high. David Klaus, a finance professor at Marquette University, has issued a warning about this.
Different states have different strategies for purchasing Bitcoin; some propose selling other assets or reallocating funds, while others allow residents to donate or pay taxes with Bitcoin. If states establish reserves, the price of Bitcoin could rise significantly due to reduced market supply.
Currently, state-level Bitcoin reserves are still just a vision. It remains to be seen whether these bills are fleeting or serious policy initiatives. Voters may have a hesitant attitude towards government involvement in cryptocurrency, and legislators will face challenges.
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